The cost of health care is rising quickly, and employers with self-insured plans are starting to feel the pinch. Those costs are likely to be passed on to employees in the form of higher premiums or out-of-pocket expenses, benefits consultants say.
Penn State will offer the same high-quality, affordable health care plan options in 2024 with modest increases to employee contribution levels for those earning less than $140,000 each year (up to $12 per month). This approach reflects the University’s salary-based model, which equitably shares the cost of the health plan by using an employee’s exact annual base salary to determine his or her individual share of the cost.
In addition, the 2024 plans will be enhanced to include 24/7 access to doctors with Amwell and to reduce cost sharing for those who reach their deductible on Lion Advantage or Lion Traditional. A new $20,000 life insurance coverage option for dependents will be offered, as well.
A few other points to keep in mind: Self-insured plans are subject to federal rules like ERISA and the Employee Retirement Income Security Act, but not to state laws or oversight, as is true for most fully insured plans sold in a particular state. That’s important because, for example, some state laws require plans to cover specific services. In self-insured health care, the employer assumes financial responsibility for paying all claims until they hit a predetermined limit called the “stop loss” level. Осигуровки самоосигуряващо се лице 2024